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Regime: Risk-off, as Nasdaq futures lead declines and gold tests three-week lows, driven by persistent inflation fears and higher front-end yields (US 2Y +3.5bp). Today’s market themes: OPEC+ uncertainty: UAE exit sparks oil supply concerns, boosting crude prices. BOJ disappointment: Yen weakens as BOJ holds policy, defying hawkish expectations. Australian Inflation:…
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Where we are: The DXY is currently trading at 98.58, up 0.30% on the day, having tested a high of 98.72. This represents a near three-week high for the index, exceeding yesterday’s close. The move is occurring amid a broad risk-off tone in futures, setting up for a potentially interesting NY…
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Where we are: The S&P 500 futures contract is currently trading at 7164.50, down 0.58% on the day, trading within a range of 7147.75 to 7223.00. This is a notable pullback from the cash close at 7173.90, and suggests some pressure heading into the New York open. We’re watching for a…
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Where we are: Gold (COMEX) is currently trading at 4591.0, down 107.7 or 2.29% on the day, testing three-week lows. The intraday range has been 4567.8 to 4716.4. This move lower extends the recent weakness and puts it well below Friday’s close, suggesting further downside pressure. What’s driving it: The primary…
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Where we are: EUR/USD trades at 1.1692, down 0.26% on the day, after a volatile overnight session between 1.1678 and 1.1727. The Fiber is struggling to hold above intraday lows and is testing the lower end of its recent range. A break below 1.1678 would expose the 1.1650 level, while resistance…
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Where we are: Nasdaq 100 futures are currently trading at 27127.25, down 304.25 points or 1.11% on the session, and trading near the low end of today’s 27037.75-27511.75 range. This contrasts with yesterday’s cash close of 24887.10, a gain of 0.35%. The drop reflects growing unease with stretched valuations within the…
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Where we are: GBP/USD is currently trading at 1.3486, down 0.36% on the day, having traded in a range of 1.3463-1.3541. The pair is under pressure, sitting below yesterday’s New York close, as sterling fails to capitalize on any risk-on sentiment visible in pre-market Dow futures. What’s driving it: Sterling’s weakness…
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Where we are: USD/JPY currently trades at 159.57, up 0.14 on the session, having traded in a range of 158.96-159.79 overnight. The pair remains under pressure despite earlier BOJ hawkishness, hovering near recent highs and threatening a break above the 160.00 level. We remain above Friday’s close. What’s driving it: Despite…
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Where we are: Dow futures are currently trading at 49465, up 115 points or 0.23% on the day, hovering near the top of today’s 49320-49545 range. This compares to yesterday’s Dow Jones cash close around 49168. While the Dow is holding up relatively well, the broader market is under pressure, with…
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Where we are: USD/CAD is currently trading at 1.3676, up 0.35% on the session, having traded in a range of 1.3613 to 1.3680. The pair is edging towards the upper end of that range, and firmly above yesterday’s NY close, despite a surge in WTI crude prices. The technical picture suggests…
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Where we are: Bitcoin is currently trading at $76139, down $658 or 0.86% on the day, having traded in a range of $75971 to $77477. This represents a slight pullback from yesterday’s close, with the broader crypto market also showing weakness; Ethereum is down 0.82% at $2269. BTC remains well within…
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Where we are: The FTSE 100 currently trades at 22421, down 164 points or -0.72% on the session. Intraday, we’ve ranged from 22390 to 22584, failing to hold yesterday’s New York close. The index continues to suffer, marking what could be the seventh consecutive day of losses should this weakness persist…
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Snapshot: AUD/USD trades at 0.7164, down 0.31% on the session. The market is braced for the 11:30 AEST CPI release, which could unlock a May or July RBA rate hike if trimmed-mean inflation prints softly. Copper prices are also exerting downside pressure, trading at 597.50, down 1.76%. Aussie bulls will be…
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Snapshot: WTI crude is trading at $99.78, up $3.31 or 3.43% on the session, boosted by persistent supply concerns following the UAE’s withdrawal from OPEC and ongoing tensions surrounding the Strait of Hormuz. The CB Consumer Confidence release at 10:00 ET will be closely watched for potential demand implications. WTI’s break…
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Snapshot: The Nikkei 225 is down 1.01% to 59917, pressured by the Bank of Japan’s decision to hold its policy rate unchanged at <0.75%. Three board members advocating for a rate hike highlights growing concern over inflationary pressures. The BOJ’s Outlook Report is due at 12:04 JST. Watch for a break…
